Source to China Times, despite the intense price wars engulfing the Chinese automotive market, domestic electric vehicle leader BYD is continuing to gain ground. In the third quarter of this year, BYD’s production volumes surpassed Tesla’s, making it the global leader in electric vehicle production. In terms of sales, BYD sold a total of 431,600 pure electric vehicles in the first three quarters of the year, just slightly behind Tesla, bringing it closer to the top spot in global electric vehicle sales.

According to reports from Chinese media on the 3rd of this month, BYD recently released its latest production and sales data. In September of this year, BYD produced approximately 280,000 new energy vehicles, representing a 36.6% increase compared to the same period last year.

TrendForce’s recent research showed that BYD surpassed Ford to become the fourth-largest global car brand in terms of car sales for August. Despite the weakening demand in the domestic car market, BYD was not significantly affected as all of its offerings are new energy vehicles. BYD saw a 5% increase in car sales compared with July and was just 0.1 percentage point behind Honda in market share, which held the third position.

It’s important to note that the term “new energy vehicles” in China includes plug-in hybrid vehicles and fully battery-electric vehicles. Regarding pure electric vehicles, BYD produced around 144,000 units in September, marking a 71% year-on-year increase. In the third quarter, BYD produced approximately 440,000 pure electric vehicles, which is a 67% increase compared to the previous year, establishing it as the largest manufacturer and seller of pure electric vehicles in China.

In contrast, Tesla, which exclusively produces pure electric vehicles, manufactured approximately 430,500 units in the third quarter of this year, marking an 18% year-on-year increase. Data indicates that in terms of production for that quarter, BYD has secured the title of the world’s largest electric vehicle manufacturer.

In terms of sales, BYD achieved a new record with 822,100 units of new energy vehicles sold in the third quarter of this year.

Specifically, BYD sold around 431,600 pure electric vehicles, representing a 23% increase from the second quarter, with 151,200 units sold in September, marking a 59% year-on-year increase. Tesla delivered 435,100 units in the third quarter, a decrease of more than 31,000 units compared to the previous quarter, marking its first decline since the second quarter of last year.

This narrows the gap between Tesla and BYD to 3,456 units, the closest it has been in their ongoing competition. Analysts point out that over the past year, BYD has aggressively expanded into new overseas markets such as Southeast Asia, Japan, the Middle East, Europe, and Latin America, leading to a continuous increase in deliveries. In contrast, Tesla faced production line adjustments and factory shutdowns, resulting in its first-quarter decline in deliveries in over a year, further closing the sales gap.

In recent years, with the Chinese government’s support and encouragement of car purchases, China has become the world’s largest market for pure electric vehicles, accounting for about 33% of global sales, and the market demand remains strong. Given BYD’s competitive advantage in the Chinese market, surpassing Tesla in both production and sales is not an impossible feat.

On the other hand, Tesla, despite initiating a price war successfully earlier this year in China, sacrificed its previously leading profit margins and now faces fierce competition not only from BYD but also from other peers like NIO in an increasingly competitive market. Even in its home market in the United States, Tesla must contend with competition from established automakers such as Ford, General Motors, Hyundai, and Volkswagen.

(Source: https://www.ctee.com.tw/news/20231004700119-439901)

Source to Volvo’s recent announcement, by 2030 Volvo plans to sell only fully electric cars, and by 2040 aims to be a climate-neutral company. That clear roadmap towards all-out electrification represents one of the most ambitious transformation plans of any legacy car maker. At Climate Week NYC Volvo announced the end of production of all diesel-powered Volvo Car models by early 2024. In a few months from now, the last diesel-powered Volvo car will have been built.

“Electric powertrains are our future, and superior to combustion engines: they generate less noise, less vibration, less servicing costs for our customers, and zero tailpipe emissions,” says Jim Rowan, Chief Executive at Volvo Cars. “We’re fully focused on creating a broad portfolio of premium, fully electric cars that deliver on everything our customers expect from a Volvo – and are a key part of our response to climate change.”

Volvo’s decision to completely phase out diesel by early 2024 illustrates how rapidly both the car industry and customer demand are changing in the face of the climate crisis.

Only four years ago, the diesel engine was Volvo’s bread and butter in Europe, as was the case for most other car makers. The majority of cars we sold on the continent in 2019 were powered by a diesel engine, while electrified models were only just beginning to make their mark.

That trend has largely inverted itself since then, driven by changing market demand, tighter emission regulations as well as brand’s focus on electrification. The majority of Volvo’s sales in Europe now consists of electrified cars, with either a fully electric or plug-in hybrid powertrain.

Fewer diesel cars on the streets also have a positive effect on urban air quality; while diesels emit less CO2 than petrol engines, they emit more gases such as nitrogen oxide (NOx) that have an adverse effect on air quality especially in built-up areas. (Source: Volvo)

Report to China Times, due to the declining cost of batteries, by 2024, the prices of electric vehicles (EVs) in Europe will be on par with those of gasoline-powered cars, while the American market will have to wait until 2026. Furthermore, it’s projected that by 2030, two-thirds of all cars sold globally will be electric vehicles.

A report released on the 14th by the non-profit organization Rocky Mountain Institute (RMI) predicts that battery costs will be cut in half over the next decade. This reduction will bring the cost of batteries down from $151 per kilowatt-hour (kWh) in 2022 to a range between USD 60~90.

According to TrendForce, in 1H23, the total sales of new energy vehicles (NEVs, including BEV, PHEV, FCEV), including pure electric vehicles, plug-in hybrid electric vehicles, and hydrogen fuel cell vehicles, reached 5.462 million units, by YoY of 33.6%. Specifically, NEV sales in the second quarter amounted to 3.03 million units, up 42.8% YoY, and accounting for 14.4% of the overall automobile sales in the second quarter.

Price-wise, TrendForce believes that when the cost of pure electric cars falls below approximately USD100 per kWh, there will be an opportunity to compete with gasoline cars.

By 2030, electric vehicle prices will finally match those of gasoline cars. The high cost of EV batteries, which accounts for approximately 40% of the price of electric cars, has been a barrier preventing many consumers from affording electric vehicles. RMI points out that automakers are investing in the development of new battery chemistries, materials, and software to improve electric vehicle efficiency, gradually driving down both battery and electric vehicle prices. RMI analysts suggest that as electric vehicles rapidly grow in popularity in Europe and China, EV sales could increase at least six times by 2030, with a global market share of 62~86%.

(Source: https://www.ctee.com.tw/news/20230915700374-430704)

The global automotive landscape is undergoing a decisive shift toward new energy vehicles (NEVs). TrendForce reports that in 1H23, NEV sales—which encompass battery electricity vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs)—soared to an impressive 5.462 million units, reflecting a growth of 33.6% YoY. Specifically, Q2 sales reached 3.03 million units, a 42.8% YoY surge, constituting 14.4% of total car sales for the period, and playing a pivotal role in 1H23 growth.

In Q2, BEVs alone posted sales of 2.151 million units, marking 39.3% growth YoY. While Tesla maintains the lead with a market share of 21.7%, BYD trails closely behind with a boosted share of 16.2%. Moreover, GAC Aion, a brand that has been making waves primarily in the Chinese market with its high value-for-money proposition, clinched the third spot with a 6% market share. Recently, the company has launched high-end models priced above CNY 220,000, aiming to diversify its product range. The top 10 BEV brands in Q2 remained fairly consistent with Q1, with only a minor shuffling in ranks. However, compared to the same period in 2022, fewer Chinese brands made the list, likely due to the growing number of EV models from traditional automakers and fierce competition among Chinese brands.

PHEVs weren’t left behind, registering sales of 876,000 units in Q2—a striking 52.9% YoY increase. Astonishingly, about 66% these sales hailed from the Chinese market. In this segment, BYD continued its lead with a whopping 36.5% market share. Its high-end subsidiary Denza, recorded increasing sales, escalating its market share to 3.4% and climbing to seventh place. Another brand to watch, Li Auto, set a new Q2 record with 87,000 units sold, keeping its second-place position firm with 10% market share. Among international competitors, both Volvo and Jeep noted growth over the previous year, with Jeep crossing 30,000 units, an achievement that’s brought them into the top five for the first time.

While major markets including China, Western Europe, and the US continue to dominate NEV sales, emerging players like Thailand and Australia have made significant strides in 2023. Both nations exceeded 35,000 units in sales in 1H23, with Thailand quadrupling its 2022 figures and Australia experiencing a fivefold increase.

Although these figures are modest in comparison to global sales, they highlight the vast potential of these markets. Recognizing this growth trajectory, many major automobile brands are strategically planning their expansions into these burgeoning regions.

According to the news from Mydrivers.com, BYD has reached a groundbreaking milestone, producing its 5 millionth new energy vehicle. The company asserts that China now possesses critical new energy vehicle technology and a robust industry chain.

BYD contends that a globally recognized brand stands as a vital hallmark of an automotive powerhouse. Throughout the annals of automotive industrial history, every automotive giant has harbored a world-renowned brand. For instance, the United States boasts General Motors, Ford, and Tesla; Germany takes pride in Volkswagen, Mercedes-Benz, and BMW; Japan and South Korea have cultivated their own globally esteemed brands. Presently, China lacks a universally acknowledged world-class automotive brand.

Yet, recent reports from Mydrivers.com highlight that China has already ascended to the status of a new energy vehicle juggernaut, wielding pivotal core technology and a comprehensive industrial framework, thereby freeing the automotive industry from constraints. Objectively, China possesses the foundation and capability to forge a world-class brand. Subjectively, the emotional desire to establish such a global automotive brand exists.

BYD also anticipates that by 2025, the penetration rate of new energy vehicles in the Chinese market will surpass 60%. In 2022, Chinese brands forayed into over 50% of the market for the first time, with projections indicating that within 3 years, their market share will escalate to 70%. In a recent development, data from the China Association of Automobile Manufacturers (CAAM) indicates that in the first half of this year, China’s complete vehicle exports surged by 76.9% YoY, surpassing Japan and claiming the global lead for the first time.

(Source: https://news.mydrivers.com/1/928/928676.htm)